Data privacy has never been a more important issue for consumers. The COVID-19 pandemic has thrust the topic into the spotlight, with constant questions over track and trace practices, and confusion about collecting and storing citizen data.
Globally, the evolving privacy laws now dictate how and why brands must protect today’s consumers when it comes to personal data. Brands increasingly know more about their audiences through their digital appetite, often without ever meeting them. However, finding a way to make sense of, and utilize, the data that can be collected through their customers’ digital footprints, while adhering to laws and regulations, has become a big challenge.
For example, Spotify is known as a music streaming service that has now developed into a successful model for collecting vast amounts of consumer data based on their preferences. This helps Spotify to drive business decisions as well as create unique and tailored experiences for an audience of more than 180 million users, including 83 million subscribers across 65 markets. This business model is a blueprint, both for cloud-native companies and established enterprises, and highlights how transactional personal data is one of the world’s most valuable assets.
Balancing monetization and trust
The balance between data privacy, data monetization, and consumer trust is a complex one to find. It can be challenging to understand exactly where the responsibility lies for ensuring that the personal data collected by a business is kept private.
Consumers desire a personal relationship with brands and a customized experience (driven primarily by their own data), but at the same time, don’t want to risk their data being mishandled or misappropriated. In fact, our recent Global Consumer State of Mind Report has revealed that 61% of global consumers said they would stop using brands if they ‘stalked’ them online with too many personalized offers. They want the unique experience they desire but not at the expense of their privacy, and 77% believe they should own their ‘digital selves’.
Click on wearetechwomen.com to view the full article.
Click to learn more about the Trūata Anonymization Service and its benefits in terms of GDPR privacy compliance.